Theoretical and Applied Economics
No. 5 / 2011 (558)
Fiat versus Representative Money under Debate, or How Right Keynes Was Once (!)
National School of Political Studies and Public Administration, Bucharest
Abstract. The applied economics understands the concept of money nearly exclusively through the quantitative theory, which certainly remains one of the greatest theories in this topic area. On the other hand, the history of money – be it old or contemporary -- finds two other “nonquantitative” theories as more relevant in the respect that they are able to “cover” this history – these are representative and fiat money. Then, there comes the interesting point: this history “covered”, meaning a full explaining of facts would be made by the two theories and images of the same money just “together”—which is impossible in basic good sense terms, as money (as anything else) cannot be real and fictitious value in the same time.
Keywords: fiat money; representative money; seniorage; barter (and its system); commodity money; international monetary system (IMS); macroeconomics; optimum currency area (OCA); economic theory.
Contents
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Elena GEORGESCU
- The State and the Economy – Theoretical Aspects
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Viorela Ligia VĂIDEAN
Andreea GOLGUŢ
- Education and Employment in Sub-Saharan Africa:
Some Evidence from Senegal
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Mazhar MUGHAL
- Bayes-Nash Equilibrium and Game Theory in Public Expenditure Management
Petru FILIP
Marcel Ioan BOLOŞ
Cristian Ioan OTGON
- The Economic Crisis and Several Effects on Global Economy
Florina BRAN
Carmen Valentina RĂDULESCU
Ildikó IOAN
Florentina Olivia BĂLU
- Tourism as a Factor in Economic Recovery
Cristina BURGHELEA
Cristina VIŞAN
- Economic Science and Postmodernism: Ethics Return
Cosmin MARINESCU
- Romanian Economic Environment Entrepreneurial
Activities Analysis and Risk Evaluation
Georgeta VINTILĂ
Ştefan Daniel ARMEANU
Maria Oana FILIPESCU
Maricica MOSCALU
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- Transylvania – Romanian Tourism Micro-destination
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Codruţa BĂLTESCU
Anca-Daniela VLĂDOI
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- The Crisis of Economic Theory in the Middle of the Economic Crisis
Silvia MĂRGINEAN
Roberta Mihaela STANEF
Alina Ştefania CREŢU